TL;DR: Instacart posted its fastest growth since going public, with gross transaction value (GTV) up +14.8% and ads & other revenue up +23.0%, the fourth straight quarter of ad acceleration and well above its +15 to 18% guide. We are raising our 2026 GTV forecast to +14.1% and bringing 2027 and 2028 up to +13.7% and +12.5% in line with the recent trend, about 4.7x the total U.S. grocery market by our estimate. Instacart agreed to be acquired by DoorDash for about $17 billion, with the deal closing no earlier than late 2027.
6 minute read
Instacart reported its best quarter as a public company with GTV growth of +14.8%. GTV is now 27% larger than it was two years ago. Ads & other revenue grew +23.0%, the fastest rate in more than three years and the fourth consecutive quarter of acceleration.
Instacart announced a definitive agreement to be acquired by DoorDash for about $17 billion, and as is customary during a pending transaction it cancelled the November 5 earnings call and suspended its financial guidance. The two companies will operate separately until the deal closes, which they expect at the end of 2027 or in the first half of 2028.
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